For this assignment, you will research regulatory requirements that affect a publically traded financial institution and make recommendations in the form of an executive summary report on how to proceed.You have taken a job as an IT manager at a small financial institution that is looking to expand and become a publically traded company. In preparation, the chief operating officer (COO) has requested that you conduct an audit of the IT department, and you have determined that the IT department does not meet regulatory requirements as they pertain to information systems and security. The COO is now requesting that you determine which regulations must be met before the company can be publically traded.Tasks:•Research and identify at least two regulatory requirements that the institution must consider before moving forward. The requirements should pertain to information systems and security within financial institutions or publically traded companies.•Explain why the organization should adhere to these policies even if they are not mandatory.•Explore the ethical aspects and consider the benefits of the requirements from the perspective of the institution\’s customers (i.e., not merely from a legal standpoint).•In an executive summary report, describe the regulatory requirements and propose solutions for implementation.•In the proposed solutions for implementation, also address other relevant aspects of corporate governance, such as human resources and financial governance.•Assume the people reading your report have no technical background. Be careful not to overuse technical jargon or acronyms; however, also make sure the report is not written in a condescending tone.